One in Ten Brits Miss Credit Card Payments
Ten percent of UK consumers have missed making repayments on credit cards, store cards, loans or mortgages, according to a survey by consumer credit firm Experian. In addition, almost one in 10 (9 percent) consumers has taken out a credit card to pay off debt on another credit card, according to the credit reporting agency.
One in 20 (5 percent) of consumers has either taken out an individual voluntary agreement (IVA) with a creditor to repay their debt, or declared themselves bankrupt, or considered carrying out either of these options, Experian says. A quarter (24 percent) of survey respondents told Experian that they find it hard to control their spending. Experian says its survey indicates that increased awareness about the dangers of poor financial control and mounting fears over debt levels are having little effect on the average BritonÆs finances. ôIt seems UK consumers are getting more involved in credit with little understanding of how credit agreements work or the potential risks they are taking,ö it warns. Related Links
www.experiangroup.com/corporate/
www.CreditExpert.co.uk
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